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Semiconductors ETF Rally Reaches Historic Dual Price Resistance/Breakout Level!

by | Feb 27, 2024 | Kimble Charting

Investors have been treated to one heck of a rally by the Semiconductor Sector (SMH) with stocks like Nvidia (NVDA) leading the sector and stock market higher.

But the semiconductor sector may be nearing a crossroads.

Is it breakout time or break time for the red-hot semiconductors sector?

Today’s long-term “monthly” chart of SMH highlights this very conundrum.

Currently, this market-leading sector is trading around 3 percent below important dual resistance at (1). This level represents the top of a long-term trading channel as well as the 461.8% Fibonacci extension level.

A breakout would be a very bullish development for the stock market, while a consolidation or pullback may signal “break time” for the broader market. Stay tuned!

 

This article was first written for See It Markets.com. To see the original post, CLICK HERE.

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